We now offer gun trusts! For those who wish to protect their legally owned firearms, including National Firearms Act (NFA) regulated firearms, a gun trust might be right for you. Call us today at 303-268-2867 or click here to request a free consultation!

WHY YOU NEED TO PLAN AHEAD FOR NEW GOVERNMENT REGULATION OF FIREARMS

NEW AND PROPOSED GUN CONTROL WILL IMPACT MILLIONS

On January 13, 2023, the Attorney General signed ATF final rule 2021R-08F changing the regulations to widen the net on rifles that may be subject to regulation. The rule purports to include firearms equipped with “stabilizing braces” as a rifle or short-barreled rifle under the Gun Control Act of 1968, or a “rifle” or “firearm” subject to regulation under the National Firearms Act.

Since the invention of the stabilizing brace in 2012, the ATF approved the same for use on sporting rifles and pistol caliber carbines, free from regulation under the NFA. The ATF claims that around three million stabilizing braces have been sold. But a report from the Congressional Research Service puts that number at between 10 million and 40 million.[1] As such, this rule change will affect millions of law abiding gun owners, potentially making them felons. Any weapons with “stabilizing braces” or similar attachments that constitute rifles under the NFA must be registered no later than May 31, 2023.

HOW YOU CAN MITIGATE RISK

It is more important than ever to plan ahead and consolidate ownership of your NFA firearms in a way that minimizes government regulation during and after your lifetime. Including the change in ATF regulations, there is an ever looming threat of more regulation or even outright bans on a wide range of common firearms.[2]

A “gun trust” is a generic term for a revocable or irrevocable management trust created to take title of firearms and certain regulated accessories. If future laws or regulations prohibit or restrict the transfer of certain firearms, a gun trust may help. Because every trustee of your gun trust can possess or use the firearms, a gun trust may allow you to avoid outright bans on sales or transfers. Similarly, if your gun trust is set up to continue beyond your death, the beneficiaries will have the ability to use and posses the firearms in the trust without re-registering. If you name specific beneficiaries for the firearms in your gun trust, the firearms don’t have to go through probate and pass directly to your named beneficiaries. Having a trustee who understands federal and state gun laws can help avoid estate executors from inadvertently passing firearms to a prohibited possessor.

Many generic trusts that can be purchased from NFA dealers are called “single shot trusts.” These are irrevocable trusts meaning you cannot amend the trust and revoking it is a difficult process involving all of the named trustees and beneficiaries. These trusts are not tailored to your specific circumstances. Also, they do not provide the flexibility necessary to accommodate changing laws and regulations. Volpe Law offers a Colorado NFA Gun Trust that is specifically tailored to your needs. We generally recommend one revocable trust that can be amended to accommodate future purchases, sales or trustee/beneficiary changes.

It is important for you to properly file your registration to title it to the trust. It is equally important for you to keep adequate records and fund your trust. After all, you will continue to maintain control of the firearms just as you did before you executed your trust. Handling these steps is not complicated, but you must observe certain procedures in order to assure yourself of the advantages of the trust. When you choose Volpe Law to handle your NFA Gun Trust, you not only get a personally tailored trust, but you will also get the advice and recommendations from an experienced gun trust attorney.

Please review our blog on gun trusts for more information.

Visit ColoradoGunTrusts.com for further information.

CONTACT US TODAY

Complete our Consultation Request Form or call us at 303-268-2867 to set up a free consultation.

[1] Handguns, Stabilizing Braces, and Related Components, dated April 19, 2021

[2] See A Bill of the 117th Congress, H.R. 1808 §2(a)(40)

DISCLAIMER

The information contained on this website is provided for informational purposes only. It is not legal advice and should not be construed as providing legal advice on any subject matter. Laws frequently change and therefore this content is not necessarily up to date, nor comprehensive. Contact us or another attorney with any legal questions specific to your matter. You may request a consultation by completing our consultation request form.